JP Morgan CEO regrets calling bitcoin 'fraud'

Last Updated: Thu, Jan 11, 2018 17:00 hrs
Bitcoin (Image Courtesy:

New York: JP Morgan Chase CEO Jamie Dimon has softened his stance on bitcoin and regretted calling the digital currency a fraud.

In an interview with Fox Business on Tuesday, Dimon said he regretted making his earlier comments on the cryptocurrency.

The head of the biggest US bank called bitcoin "a fraud" in September 2017 and said the digital currency "won't end well", Xinhua news agency reported.

He also then said that he would not allow JP Morgan traders to trade bitcoin, noting that "it's against our rules and they are stupid".

Bitcoin was trading around $4,200 when Dimon made the comments. Since then, the price of the digital currency has skyrocketed. Bitcoin traded above $14,000 on Tuesday.

Dimon said he personally was "not interested in the subject at all". But he said blockchain, the open-ledger technology that underpins bitcoins, was real.

Legendary investor Warren Buffett meanwhile remained firm in his decision to stay away from cryptocurrencies.

"We don't own any, we're not short any, we'll never have a position in them," Buffett told CNBC.

Buffett underlined his skepticism about their future saying "if I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it." The Berkshire Hathway CEO was talking about the options trades that profits from price declines.

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